In October, the last month before the EU’s tariffs on Chinese electric cars officially took effect, Chinese electric car companies’ sales in Europe fell.
According to data from research firm Dataforce, Chinese electric car companies such as SAIC MG and BYD accounted for 8.2% of European electric car registrations in October, down from 8.5% in September this year, and also lower than the same period last year for the fourth consecutive month.
However, BYD is continuing to expand its influence in Europe. Data from Jato Dynamics, which tracks the automotive market, showed that BYD’s European sales in October more than doubled year-on-year to 4,630 vehicles, surpassing SAIC MG, which has long been the best-selling Chinese brand in Europe, for the second consecutive month in three months.
At the same time, data from Jato Dynamics showed that SAIC MG’s European deliveries in October fell 56% year-on-year to 3,846 vehicles. However, SAIC MG still maintained its leading position in the European market in the first 10 months of this year, with registrations reaching 63,895 vehicles.
In July, the European Union began imposing temporary import tariffs of up to 45% on Chinese-made electric vehicles. Since then, the growth rate of overseas sales of Chinese electric vehicle companies has begun to slow down, after several years of rapid growth in overseas markets.
After months of negotiations with China and adjustments to the upcoming tariffs, the EU’s final tariffs on Chinese electric vehicles took effect on October 30 local time in the EU. It is worth noting that the EU imposes import tariffs on all electric vehicles produced in China, including electric vehicles from Western brands such as Volkswagen Group and BMW Group. However, China and the EU are still negotiating tariff alternatives.
It is reported that Chinese electric vehicle manufacturers have taken measures in Europe to circumvent EU import tariffs by building local factories, establishing partnerships and establishing supply chain networks.
And this month, Swedish battery manufacturer Northvolt filed for bankruptcy protection in the United States, highlighting China’s leading position in the electric vehicle field. Northvolt was once seen as a company that could compete with Chinese battery companies.
In addition, the electric vehicle market across Europe has been in trouble this year as major countries such as Germany have reduced subsidies that help stimulate demand for electric vehicles. The European Automobile Manufacturers Association reported that although registrations of pure electric vehicles in Europe increased by 6.9% year-on-year in October, cumulative registrations so far this year are still down 1.7% year-on-year.